John –
For weeks now, MAGA extremists in Congress have held our economy hostage by threatening to force a catastrophic default on the national debt. Sometimes extremists are not very subtle, and sure enough, this week Rep. Matt Gaetz – a prominent MAGA extremists who cast the deciding vote to make Kevin McCarthy Speaker – said the quiet part aloud, vowing not to compromise in negotiations with “our hostage.”
Team Extreme created this mess last month by passing a bill we call the Default On America Act – a thinly-veiled ransom note threatening default unless Democrats agreed to repeal much of the transformative legislation we passed in the last Congress, slashed funding for children's healthcare, nutrition, veterans benefits and a lot more, and also give huge new handouts to the fossil fuel industry.
Now they’re openly boasting about taking all of us and the global economy “hostage.” And their leader, Donald Trump, is publicly urging them to follow through on the default threat. Many congressional Republicans - perhaps most of them - agree with Trump. They’ve made the craven political calculation that crashing the economy will hurt President Biden and Democrats in next year’s election, and they don’t care about all the collateral damage.
Make no mistake, this MAGA Republican strategy is unbelievably reckless and extreme. And, John: the consequences would be disastrous.
Defaulting on our national debt would kill about 7,300 jobs in my congressional district alone, and over 7 million nationwide. Hundreds of thousands of my constituents would have their health coverage and social security payments jeopardized. Many retirement and investment accounts would crash. Mortgages, credit card debt, and car loans would cost a lot more. Every community across the country will suffer significant consequences from a default, John.
President Biden has been more than reasonable by repeatedly meeting with and even trying to negotiate with Speaker Kevin McCarthy. But House Republicans have McCarthy on a short leash and he is not only refusing to compromise; some of his demands have gotten even more extreme. With the Senate out this week and the early June default deadline fast approaching, we are running out of time.
If you agree that threatening a catastrophic default is unacceptable, then join me in telling Speaker McCarthy that enough is enough.
John, add your name to send a clear message to McCarthy and Team Extreme: American families can’t afford default, and responsible politicians should never threaten it. It’s time to give up the extreme demands and agree to a responsible debt ceiling deal.
I’ll keep fighting in Congress until we avert this economic calamity, John. Thanks for amplifying our call to action.
– Jared
